Sei Network ended the year on a positive note and further solidified its reputation as one of the top EVM-compatible blockchain networks based on active user accounts. This is a culmination of a year’s hard work and gaining mainstream acceptance for Sei’s execution layer capabilities as a high-speed option for the blockchain space.
Source: X
Analysts observe the increased EVM interest to mark the overall industry pivot; their users demand networks able to process quick and secure on-chain transactions. As trading volumes, DeFi services, and NFT sales continually increase on-chain, Sei’s strength within high performance represents a priority point among performance-oriented traders.
Also Read: SEI Could Surge to $0.95 as Falling Wedge Pattern Holds $0.11 Support
SEI Breakout Signals Bullish Run Toward $0.1334
However, the crypto analyst, Lennaert Synder, revealed that a textbook breakout is seen in the SEI, exceeding the $0.1155 high and activating long positions as shown in the preceding analysis. The price bounced vigorously from the $0.1108 supportive zone and reached the last long target at $0.1210, successfully breaching the wick. This bears testimony to the bullish scenario and also illustrates how a disciplined approach can benefit in a volatile market.
Source: X
Lacking direction for Bitcoin, weekend trading is not advisable. The next week may bring new opportunities, which could push the SEI toward $0.1334, as new longs are emerging around the value of $0.1277, or even better, a reversal around ~$0.1156. Short sales may be realized if SEI breaks the structure below $0.1153, with a target of $0.107 support.
SEI Technicals Hint at a Cautious Optimism
SEI is still in an established downtrend, well below all the major EMAs. The market structure still displays lower highs and lower lows. Price is currently pressing the lower Bollinger Band, indicating strong bearish momentum. However, the recent candle action indicates a lessening of bearish selling pressures.
Source: TradingView
The zone around 0.11-0.10 remains the crucial zone of support. A breach could see it extend lower towards 0.08-0.07. A rally towards 0.15-0.18 or even higher towards 0.24-0.26 is still corrective at this stage. It only happens when higher lows are established by breaking higher averages that one can view it from a more neutral perspective.
Also Read: SEI Price Analysis: 3 Signals Suggest a Potential Rebound
